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Alleged $5.6m fraud: Court remands oil magnate, Akindele, in prison

A Federal High Court in Abuja has remanded a businessman, Akintoye Akindele, in the Nigerian Correction Centre in Kuje, FCT over alleged $5.6 million fraud.

Justice James Omotosho on Friday ordered the remand of Akindele, who is the Managing Director and Chief Executive Officer (MD/CEO) of Duport Midstream Company Limited, until March 20 when his bail documents would be considered.

The court had earlier on March 1 admitted Akindele to bail in the sum of N750m with two sureties in like sum, shortly after he was arraigned on allegations bordering on fraud to the tune of $5.6m.

Justice Omotosho, in granting the bail application, directed Akindele to comply with the terms by March 8.

Part of the conditions is that the two sureties must have landed property within the jurisdiction of the court and must swear to an affidavit of means before the court.

Justice Omotosho, who had held that because the defendant came to court from his house, the court would permit him to enjoy the bail of the FCT High Court, till March 8, maintained that the defendant would be remanded if he failed to meet the conditions of the new bail by March 8, 2024.

However, when the case came up for trial on Friday, the prosecution counsel, Simon Lough (SAN), attempted to make an oral application seeking the transfer of the case from the Federal High Court in Abuja to the court in Lagos from where he said the alleged offences emanated.

Akindele’s counsel led by James Onoja (SAN) objected to the oral request made by the police. The court declined to take submissions from all parties, stressing that the issue of transfer is one that the prosecution must put into writing.

In the four-count charge brought against him by the office of the Inspector-General of Police, Akindele was accused of diverting the sum of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd.

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